Reuters: UK Gives Oligarch 7 Days to Justify Keeping North Sea Fields

Britain on Wednesday told Russian oligarch Mikhail Fridman he had seven days to explain why he should be allowed to retain ownership of newly acquired oil and gas fields in the North Sea or face being forced to sell them.

Upping the ante in a standoff that could deter other Russians from investing in Britain, Ed Davey, Britain's energy minister, wrote to Fridman saying he would accept further representations, but was considering forcing him to sell North Sea assets just acquired from German utility RWE.

RWE on Monday finalised the sale of its oil and gas production unit DEA UK to Fridman's investment vehicle LetterOne, ending months of uncertainty over whether the 5.1 billion euro ($5.7 billion) deal would go ahead.

But the British government has said it is concerned that production at the fields could be halted if the West imposes more sanctions on Russia over Ukraine, and it therefore wants them sold to a third party.

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